Borders Results: Bland and Good

5/28 - "Borders posted a loss of 53 cents per share vs a 63 cent loss last year. Same-store sales at Borders U.S. superstores, or sales at stores open at least a year, fell 4.1 percent. Total consolidated sales, at $784.7 million, were down 1.0% over a year ago...The really encouraging news was that debt was reduced to $591.9 million at the end of the first quarter from $722.8 million at the end of the year-earlier quarter and cash flow improved by $133 million."

"Why not be discouraged?

The new website just went up a started yesterday. It will be a profit center this year and if you have not been there, it has been done very well...Also, the new store concept has only begun to roll out. Initial reports are very encouraging and given the rate at which they are opening new ones, one can only assume that what management is seeing it likes, a lot."

"All in all, modest results and pretty much what one should have expected given the retail environment out there. That being said, one must look 2 quarters out for any real confirmation that the plan is working."